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house Bill H.R. 238

Should a Reauthorization for the Commodity Futures Trading Commission Come With Reforms Attached?

Argument in favor

Letting the CFTC ease into the new regulations by passing legislation telling them what to do is the best way to ensure that these reforms actually happen helping U.S. farmers, ranchers, and other participants in the derivatives markets.

CPMonroe's Opinion
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01/09/2017
Wall Street has not protected our economy in the past & it is foolish to think they ever will. Some oversight is necessary if only to justify the billions of dollars of taxpayer money that were used to bail out Wall Street. (The CFTC should welcome the reauthorization as it falls in line with this agency's whole stated purpose.)
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Jesse's Opinion
···
01/09/2017
These kind of protections are essential for protecting middle class and lower class Americans from the billionaires. Personally, all the agriculture benefits are a home run for me as a midwesterner, even though I'm not involved in agriculture. Even as a democrat I can support this bill. Great bill!
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Arynchap's Opinion
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01/10/2017
Yes and more YES!! It has been proven time and time again when Wall Street is left unchecked it threatens the global economy.
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Argument opposed

The CFTC is trying to prevent derivatives from unravelling the financial markets again and causing another crash, it shouldn’t be told how to do its business by Congress.

TuckerWantsLiberty's Opinion
···
01/09/2017
Away with the bureaucracy. Part of the CFTC's purpose is "to avoid systemic risk, and to protect the market users and their funds." Well that's an impossible battle you've got on your hands. "Avoid systemic risk"? No such thing. Literally any steps the government can and does try to take to avoid systemic risk just make bigger market distortions. That's simply clear, obvious, historically-evident economic fact. And "protect market users and their funds"? Again, no such thing. You're just tasked with creating further market distortions that produce bigger bubbles and nastier crashes. Bubbles and crashes are a normal thing. People get excited about some area of the economy and it appreciates, then they take a step back and realize things aren't actually worth quite that much and the market corrects. That's a natural thing. What's unnatural is the bubble crashing the entire economy when it bursts rather than corrections in individual sectors. What's unnatural is not being able to bounce back quickly. These unnatural things are what you get when you try to artificially engineer markets and remove risk for people. There's no such thing as a risk-free investment. Anything you try to centrally plan to that effect just distorts the market and makes the long-run consequences worse. Agencies like this are fighting a losing battle, in fact an impossible one, and throwing more money at them is not the answer.
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operaman's Opinion
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01/08/2017
Let's just eliminate the CFTC. Let the buyer beware. By the way, is the CFTC broken?
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Jason's Opinion
···
01/08/2017
These "reforms" boil down to regulated entities no longer needing to preserve communications leading to commodity trades. In essence, this completely removes a fundamental component of the regulatory process, which, I'm sure, is the whole point.
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bill Progress


  • Not enacted
    The President has not signed this bill
  • The senate has not voted
      senate Committees
      Committee on Agriculture, Nutrition, and Forestry
  • The house Passed January 12th, 2017
    Roll Call Vote 239 Yea / 182 Nay
      house Committees
      Committee on Agriculture
      Committee on Financial Services
    IntroducedJanuary 4th, 2017

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    Wall Street has not protected our economy in the past & it is foolish to think they ever will. Some oversight is necessary if only to justify the billions of dollars of taxpayer money that were used to bail out Wall Street. (The CFTC should welcome the reauthorization as it falls in line with this agency's whole stated purpose.)
    Like (63)
    Follow
    Share
    Away with the bureaucracy. Part of the CFTC's purpose is "to avoid systemic risk, and to protect the market users and their funds." Well that's an impossible battle you've got on your hands. "Avoid systemic risk"? No such thing. Literally any steps the government can and does try to take to avoid systemic risk just make bigger market distortions. That's simply clear, obvious, historically-evident economic fact. And "protect market users and their funds"? Again, no such thing. You're just tasked with creating further market distortions that produce bigger bubbles and nastier crashes. Bubbles and crashes are a normal thing. People get excited about some area of the economy and it appreciates, then they take a step back and realize things aren't actually worth quite that much and the market corrects. That's a natural thing. What's unnatural is the bubble crashing the entire economy when it bursts rather than corrections in individual sectors. What's unnatural is not being able to bounce back quickly. These unnatural things are what you get when you try to artificially engineer markets and remove risk for people. There's no such thing as a risk-free investment. Anything you try to centrally plan to that effect just distorts the market and makes the long-run consequences worse. Agencies like this are fighting a losing battle, in fact an impossible one, and throwing more money at them is not the answer.
    Like (13)
    Follow
    Share
    These kind of protections are essential for protecting middle class and lower class Americans from the billionaires. Personally, all the agriculture benefits are a home run for me as a midwesterner, even though I'm not involved in agriculture. Even as a democrat I can support this bill. Great bill!
    Like (36)
    Follow
    Share
    Yes and more YES!! It has been proven time and time again when Wall Street is left unchecked it threatens the global economy.
    Like (23)
    Follow
    Share
    Let's just eliminate the CFTC. Let the buyer beware. By the way, is the CFTC broken?
    Like (7)
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    These "reforms" boil down to regulated entities no longer needing to preserve communications leading to commodity trades. In essence, this completely removes a fundamental component of the regulatory process, which, I'm sure, is the whole point.
    Like (4)
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    We have seen what happens when stock, bond, and commodity trading goes unregulated. Do we seriously trust these guys to regulate themselves? I don't want another financial collapse like the last one they created.
    Like (4)
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    This bill is necessary to support and protect the middle class from the greed and piracy of Wall Street
    Like (3)
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    I would hope this passes metely for the fact that the companies still use paper for everything. Which can be tampered with. These companies should invest in encrypted software for most things yo not on stave off potential fraud but also to help the environment.
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    Government trying to be more open is like a wolf being vegetarian.
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    This is the best way to "drain the swamp."
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    This bill reduces record keeping requirements in order to grow demand for the gambling-like derivatives market beyond financial institutions. Are we trying to force every company in our nation to play the market just to flood more profit into an unstable investment vehicle? This is how we develop national economic crises.
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    A select few are making millions fleecing the retirement accounts of the masses. It should be regulated, especially if they get government bailouts
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    I support this bill. The 99% needs all the protection it can get from the 1%.
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    An economic crisis brought by those working in the financial sector cannot be allowed to happen again. They need to be accountable for their dealings and not expected to be saved by taxpayers, the very victims of their shenanigans.
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    Wall Street has proven it needs to be regulated. End of story.
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    If you blindly trust people makimg large sums of money to do the right things in the pursuit of those large sums of money all the time your naive.
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    Less government is always better!
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    The CFTC’s administration would be shaken up by making its division directors answerable to the entire Commission. A new Office of the Chief Economist would be established to report economic data and analysis to the entire Commission. “No-Action” letters that the CFTC issues would be subject to additional scrutiny, as they had been outside of the traditional oversight process. Proposed new rules would also be subject to a cost-benefit analysis before their implementation.
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    Derivatives are facing a market failure and need government direction to keep them from catastrophe.
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